Ramaphosa: South Africa's debt levels are unsustainable
President Cyril Ramaphosa says the country's current debt levels are unsustainable.
South Africa owes billions of rands to international lenders with about half our GDP currently servicing those debts.
Ramaphosa was speaking during his special economic recovery plan speech at parliament's virtual joint sitting on Thursday.
READ: Ramaphosa outlines economic recovery plan
"We cannot sustain the current levels of debt, particularly as increasing borrowing costs are diverting resources that should be utilised for economic and social development.
"That is why we are urgently implementing the economic reforms that we have agreed with our social partners at NEDLAC to unlock investment, stimulate economic activity and generate revenue for the fiscus."
